Auto Finance

MBFS, Daimler Truck Financial Roll Out Sprinter Care Lease

INDIANAPOLIS — Daimler Truck Financial and Mercedes-Benz Financial Services have rolled out Sprinter Care Lease, a fixed‐payment, comprehensive leasing and maintenance package that will be offered through authorized U.S. Mercedes‐Benz and Freightliner dealers selling Sprinter Vans.

Sprinter Care Lease offers one consistent payment for a leased Sprinter and includes coverage for preventive maintenance and replacement of common wear items. It also includes an extended limited warranty.

Sprinter Care Lease is designed to provide business owners with choices on how to structure their lease depending on specific business needs. The length of term and the total mileage options range from 36 months and 60,000 miles all the way up to 60 months and 150,000 miles.

One choice of lease structure is the Fair Market Value (FMV) lease which enables the customer to turn in and walk away from the vehicle at the end of the term with no residual value obligation. It offers lower payments than retail financing and avoidance of risks and responsibilities associated with vehicle ownership.

The other lease structure is a TRAC (Terminal Rental Adjustment Clause) lease, which is the most common structure used for commercial vehicles and fleets. TRAC offers lower monthly payments than retail, no excess wear and tear charges and multiple options for disposition of the vehicle at the end of the lease, plus other features.

Sprinter Care also includes an extended limited warranty in the unlikely event that a covered component fails after the original factory warranty expires. This coverage includes components and parts of the engine, transmission, rear axle, audio systems, cooling system and climate control.

“This is the type of one‐price monthly payment package that our customers have requested to manage their businesses with greater efficiency and cost‐control,” said Ron Storz, General Manager, Business Development, Daimler Truck Financial.

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Santander Consumer USA has agreed to pay $9.29 million in restitution and $2.5 million in fines to settle claims leveled by the U.S. Consumer Financial Protection Bureau over the finance source’s GAP and interest-only payments programs.